Kuwait Petroleum Corporation (KPC) plans to invest around $50 billion in expansion projects and new refineries, Jamal Alloughani, the company’s Deputy Director of Marketing told CNBC Arabia, Mubasher reported.

The new plan comes in line with the company’s goal of diversifying oil products and investing in the petrochemicals sector.

KPC’s projects support Kuwait’s strategy of generating around 15% of its energy mix from renewable sources by 2030.